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The Australian carrier takes a A$865mn provision for BI losses following the unfavourable court ruling.
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Both Suncorp and QBE said multiple tests applied to trigger BI coverage, with QBE saying aggregate reinsurance should mitigate net exposure.
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The report said that the volume of cyber insurance claims had gone up more than nine times in the past five years.
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The regulator said in the Supreme Court appeal that carriers ran the risk of a large accumulation of losses when they sold their BI policies. -
Court rules policy exclusions referring to outdated law not valid.
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Soaring rates in the D&O market have prompted a string of underwriting people moves in London.
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The insurer said that stripping out the effects of Covid-19 from counterfactuals would over-indemnify policyholders.
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The insurer has a strategy of becoming a leading management liability insurer in the UK.
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Counsel representing carriers argued it was not reasonable to find cover in respect of a national pandemic on the first day of the FCA BI test case appeal.
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Australian carrier ups coronavirus BI provision to A$195mn.
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The branch will write US property, casualty and specialty reinsurance on behalf of its Irish subsidiary.
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The fundamental issue of causation, as well as trends clauses and the Orient Express judgment, will be under scrutiny.
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